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Yen Stable, Awaits Japan's Trade Balance

JPY

USD/JPY traded sideways on Tuesday, holding a narrow 18 pip range, with participants preparing for the upcoming monetary policy decision from the FOMC.

  • Mainichi joined other local media outlets in noting that PM Suga considers calling a snap general election in Sep. Meanwhile, Tuesday saw the Diet reject a no-confidence motion against Suga's cabinet, submitted by opposition parties after the ruling coalition refused to back extending the current Diet session by three months to discuss Covid-19 policies.
  • Japan's trade balance is expected to flip from a Y253.1bn surplus into a Y77.0bn deficit, per BBG consensus forecast. The latest trade report is due within an hour, alongside Apr core machine orders. Looking further afield, national CPI & BoJ MonPol decision are due this Friday.
  • BBG cited unnamed sources, who noted that policymakers believe that they "don't need to take any further measures to improve the functioning of the gov't debt market for now after offering more clarity on its bond-buying operations".
  • USD/JPY last sits at Y110.05, barely changed on the day. A rally above Jun 4 high of Y110.33 would shift focus to Apr 6 high of Y110.55. Bears look for a retreat under Jun 7 low/50-DMA at Y109.19/13.
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